Missing data is rarely random and often reflects meaningful…
Missing data is rarely random and often reflects meaningful structural, demographic, or behavioral patterns. In financial planning datasets, ignoring missingness can undermine conclusions and perpetuate inequity in research outcomes. Respond to the following: Why is missing data a concern in financial planning research? What are the potential consequences of ignoring missingness in your dataset? What preliminary steps or statistical tests (e.g., Little’s MCAR test or theoretical rationale) can be used to evaluate the nature of missingness before deciding on a strategy for handling it? Define, compare, and contrast the concepts of missing completely at random (MCAR), missing at random (MAR), and missing not at random (MNAR). Be sure to explain the implications for data analysis and when each assumption is or is not appropriate. What are the disadvantages of using listwise deletion to address missing data? Under what conditions might this approach bias results or reduce statistical power? Compare and contrast multiple imputation and selection models as methods for addressing non-ignorable missingness. Discuss their assumptions, strengths, limitations, and the contexts in which each may be most appropriate. List the main points a researcher should clearly report in the limitations section to ensure transparency about missing data. Include how much data were missing, potential reasons for missingness, how the gaps were addressed, and how those decisions could impact findings and interpretations.